One of the easiest ways to spot an operation having trouble financially is a raid on the piggy bank. Happened with Bailout Arena when they failed to fund an R&R capital account out of operating funds, essentially borrowing from tomorrow to pay for today. The magical refinance that would cure all ills included $12 million MORE money borrowed to bring that account up to standards. I guess those arena clowns think they can continue to borrow money to succeed.
Earlier this year, U of L disclosed how they were paying for Chris Mack's Xavier buyout. This is from Eric Crawford's report on WDRB.com (LINK)...
I read the following a short time later when U of L was going thru the approval process for its 2019 budget (LINK)...
Not much was made of it at the time by me or anyone else that I recall. But the companion thread on the Foundation (LINK) brings this to attention esp. as it relates to Foundation assets. There was no mention I read where the $20 million in "one-time funds" is coming from, which also raises red flags.
Again, these are classic raids on piggy banks, and this is just $24 million that we know about. When people have trouble meeting ends financially, they start to tap money that was being used to produce sustaining income--which is a vicious cycle because it leaves less money to sustain income. The process starts with promises and good intentions, but more often than not it ends in financial ruin.
And I don't see Grissom or any other punching-bag-du-jour's name mentioned in these accounts. To the contrary, these decisions directly involve new people whom I keep getting told I should trust. Excuse me while I look for evidence that I should do that...
Earlier this year, U of L disclosed how they were paying for Chris Mack's Xavier buyout. This is from Eric Crawford's report on WDRB.com (LINK)...
"During a meeting of the U of L Athletic Association budget meeting on Friday...[t]he ULAA board voted to liquidate $4.25 million from the Hickman-Camp fund to pay to Xavier to satisfy Mack’s buyout...
'That’s the cost of doing business,' Tyra said..."
'That’s the cost of doing business,' Tyra said..."
I read the following a short time later when U of L was going thru the approval process for its 2019 budget (LINK)...
"The U of L board of trustee's finance committee approved the university-wide $1.215 billion proposed budget for the fiscal year ending June 30, 2019. But the approval came with an on-the-fly condition from the committee that U of L's administration begin work on how the school will make up for about $20 million in one-time funds used in fiscal 2019..."
Not much was made of it at the time by me or anyone else that I recall. But the companion thread on the Foundation (LINK) brings this to attention esp. as it relates to Foundation assets. There was no mention I read where the $20 million in "one-time funds" is coming from, which also raises red flags.
Again, these are classic raids on piggy banks, and this is just $24 million that we know about. When people have trouble meeting ends financially, they start to tap money that was being used to produce sustaining income--which is a vicious cycle because it leaves less money to sustain income. The process starts with promises and good intentions, but more often than not it ends in financial ruin.
And I don't see Grissom or any other punching-bag-du-jour's name mentioned in these accounts. To the contrary, these decisions directly involve new people whom I keep getting told I should trust. Excuse me while I look for evidence that I should do that...
Last edited:
